zkSync Era overtakes Ethereum, but there’s more than meets the eye

• zkSync Era surpassed Ethereum and other L2s in daily transactions.
• zkSync Era had the third-highest TVL among L2s.

According to recent reports, zkSync Era has triumphed over Ethereum [ETH] in a crucial metric, solidifying its rise in popularity and dominance of Layer 2 solutions. However, compared to the other Layer 2 solutions, how does zkSync stack up?

zkSync transaction era here?

In a significant achievement, zkSync Era has recently outpaced Ethereum to record the highest number of daily transactions, as reported by Artemis on 17 July.

It’s official, @zksync has officially surpassed Mainnet Ethereum in the number of daily transactions. 📈 pic.twitter.com/cM3Yt4OCKg

— Artemis (@Artemis__xyz) July 17, 2023

 Ethereum recorded approximately 946,000 daily transactions as of this writing, whereas zkSync boasted a remarkable figure of over 977,000. Notably, the accompanying chart demonstrated zkSync’s impressive surge of more than 42% in daily transactions, while Ethereum experienced a decline of over 5%.

Compared to prominent Layer 2 solutions like Arbitrum [ARB] and Optimism[OP], its dominance in daily transactions became even more apparent. Arbitrum registered around 695,000 daily transactions as of this writing, while Optimism trailed with over 493,000 daily transactions. 

Comparing active addresses

While zkSync showcased its strength in daily transactions, comparing active addresses revealed a different scenario, with Ethereum leading the pack despite a slight decline.

According to press time data, Ethereum boasted over 276,000 active addresses, whereas zkSync Era had over 226,000 active addresses.

However, Ethereum’s decline of over 23% in active addresses caught the attention of the chart, while zkSync Era experienced an impressive gain of over 30%.

Source: Artemis

In contrast, Arbitrum and Optimism lagged considerably behind. Arbitrum recorded over 146,000 active addresses, while Optimism trailed by over 87,000.

zkSync Era’s TVL yet to measure up

According to L2 Beats, the Total Value Locked (TVL) across all Layer 2 solutions exceeded $10 billion. Among these solutions, zkSync Era made a notable contribution, accounting for approximately 5.5% of the TVL, amounting to $554 million.

Arbitrum led the pack with a commanding share of over 60%, boasting a TVL surpassing $6 billion. Optimism followed with a share of over 24%, securing a TVL of over $2 billion.

In addition to the TVL figures, data from DefiLlama highlighted impressive growth in the stablecoin market cap on the platform.

As of this writing, the stablecoin market cap stood at over $146 million. It also indicated a significant and noteworthy expansion in this particular segment.